Research On The Impact Of Supply Chain Finance On Smes’ Financing Constraints Under The Regulation Of Supply Chain Concentration Degree

More than 99% of China’s enterprises are small and medium-sized enterprises(SMEs),and the CPC’s 20 th report calls for supporting the development of SMEs.As the economic entity with the largest number and the highest vitality,SMEs are an important element to promote the development of market economy.However,the absolute advantage in number still cannot cover up the fatal obstacles brought by capital shortage to their development,and the financing predicament of SMEs is significant.How to support SMEs to rescue difficulties and promote high-quality economic development is an important problem to be solved urgently in China.Supply chain finance(SCF),as a link between industry and finance,provides a new idea to solve the above problems by stabilizing the industrial supply chain and strengthening the effective support of finance to the entity.Based on this,this paper will take the data of listed companies in Shenzhen Small and Medium Board and GEM board from 2010 to 2020 as samples to explore the effectiveness of SCF in alleviating financing constraints of enterprises.First of all,this paper introduces the research background,theoretical and practical significance,points out the shortcomings of existing research by summarizing the status quo of relevant research at home and abroad,and then determines the research topic based on the current realistic background.Secondly,based on information asymmetry theory,transaction cost theory and resource dependence theory,the mechanism of SCF on SMEs’ financing constraints and the moderating effect of supply chain concentration on the relationship between the two are deeply analyzed.Thirdly,a fixed effect model is constructed to empirically test the hypothesis proposed in this paper,which is supported by robustness test.The results show that:(1)SCF is negatively correlated with SMEs’ financing constraints,it can alleviate SMEs’ financing constraints;(2)Supply chain concentration degree will have an impact on the mechanism of supply chain finance alleviating SMEs’ financing constraints.Both overall supply chain concentration degree,single supplier concentration degree and single customer concentration degree of SMEs can positively strengthen the easing effect of SCF on financing constraints;(3)This paper conducts heterogeneity analysis on the above relationship based on property rights and supply chain stability,and finds that SCF has a better performance in alleviating financing constraints in non-state-owned SMEs and SMEs with weak supply chain stability.The positive moderating effect of SCF is better in non-state-owned SMEs and SMEs with strong supply chain stability.Finally,based on the empirical analysis results,suggestions on strengthening supply chain finance to alleviate the financing difficulties of SMEs are given from the perspectives of government departments,financial institutions and SMEs,so as to provide reference for government departments and financial institutions to better carry out the work related to SCF and different SMEs to implement supply chain management effectively to ease financing problems.